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PIA Press Release

Feature: BSP liberalization program

By Rose B. Palacio

Davao City (9 March) -- Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said the BSP was done in its liberalization efforts.

BSP Governor Tetangco, who was in Davao last March 2 (Friday) together with President Gloria Macapagal-Arroyo's economic team said any immediate moves in relation to foreign exchange policies are likely to merely simplify the BSP's existing rules.

Together with Gov. Tetangco were the President's economic team: Finance Secterary Margarito Teves; Budget Secretary Rolando Andaya; Agriculture Secretary Arthur Yap; and other ranking officials of the cabimet. The President was in Davao to hold a "Philippine Economic Briefing Domestic Roadshow" with its theme: "SustainingEconomic Momentum: A Shared Responsibility."

The President's economic team is holding a nationwide economic briefing roadshow (February to March) and was in Davao for the forum held at Marco Polo hotel, Davao City.

BSP Governor Tetangco said that after relaxing its rules in foreign exchange purchases, the BSP is looking into further reforms in the immediate future.

Tetangco said the BSP took steps to further liberalize its rules on foreign exchange in order to provide a regulatory environment that he said was more responsive to the changing economy.

"The steps we have taken are in consideration of the expansion of the economy both in terms of trade and non-trade transactions", he said.

After liberalizing the rules on foreign exchange purchases, Tetangco said the market would have to adjust itself to the new regime.

"These reforms just reflected our effort to allow our policy framework to catch up changing requirements of the expanding economy but we also expect it to spur more growth over the long term," he said.

In his briefing, Governor Tetangco said that aside from the sustained fiscal reforms undertaken by President Arroyo in pushing for a robust economy, the economic strength is also due to the robust remittances of overseas Filipinos workers (OFWs) and continued exports and investment inflows.

Overall position for 2006 yielded a surplus of US$3.77-billion. The latest overall position for January 2007 was also a surplus of US$731-million, he said. (PIA XI) [top]

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